O'Reilly logo

Everyday Entrepreneurs: A Sugar-free, Dragon-slaying start-up guide for the simple small business by Ken Horn

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

6. A GOVERNMENT HEALTH WARNING

tape.psd

SOMETHING YOU WON’T HEAR ON AN HMRC WORKSHOP or webinar is: being in business is about eroding profit when and where you can. The British business tax system is designed to tax any profit you make: therefore if you don’t make any profit, you will pay little tax. Just look at Google or Starbucks!

There are only two ways I know to erode profit as a small business:

  • reduce your prices
  • build in costs.

Whilst capturing costs will be important once trading begins, one group of costs you can build into your first year of trading is pre-trading expenses – costs incurred in setting up or researching your business even ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required